The insurance industry deals with over 100 million documents per year and the inability to process the documents efficiently is a major concern for both customers and insurers. Lower throughput and higher processing time due to lack of automation are among the key reasons for a higher customer churn rate. When consumers face challenges with insurers, 41% would switch providers due to a lack of digital capabilities.
The insurance industry is an inherently data-driven sector that relies on extensive documentation. With the complexity of documents involved, automation has been a key challenge. Traditional processing solutions such as an OCR come with setbacks adding to errors and extra costs. Intelligent automation is the key to seamlessly extracting and organizing data across business functions, right out of the box.
Automating and digitizing your existing document management processes with cutting-edge AI can straightaway reduce the cost of underwriting and claims processing by up to 30%. Additionally, only up to 10-15% of available structured data is being utilized by carriers for insight generation. Moreover, leveraging AI-enabled fraud detection frameworks can further enable insurers to build highly secure document workflows and cater to ever-evolving customer demands.
Modern document management platforms such as Dociphi (by Quantiphi) are intelligent, scalable, and can be easily integrated with your existing enterprise applications. Once integrated, documents can be seamlessly ingested from multiple data sources (such as email or chatbot) via an omnichannel platform. The documents are then classified into precise document types with the help of ML-based classification models. The platform at this stage will work to find out whether the user-submitted document is proof of income or a driving license, etc.
The necessary information will then be extracted from text fields, checkboxes, (or even handwritten texts) from the document. Finally, the extracted information is sent to an underwriting or adjudication system with the help of downstream integration. Additionally, such platforms can identify missing data in the application form and assist applicants with virtual agent bots to complete applications. Insurers can even station manual reviewers at multiple checkpoints to approve machine outputs in accordance with the process or regulatory requirements.
Automating your submission pipeline is just one of the benefits. Insurers can further use the extracted data to prepare advanced reports for underwriters, enrich customer data with third-party sources, or prepare knowledge graphs. The use cases are endless.
Will accelerating the adoption of an AI-powered intelligent document processing solution drive a transformational impact in your mission-critical workflows? The answer is a resounding YES. A large number of insurers typically start their digitization journey to achieve two immediate outcomes – reduce the time spent by underwriters on repetitive work and the error rate due to manual processing. AI-led document intelligence platforms such as Dociphi are ideal for such requirements.
Dociphi – Quantiphi’s intelligent document processing platform allows insurers like you to achieve over 90% accuracy in the classification and extraction of data from multiple formats. It also enables you to convert the extracted output to IDX, XML, or any other format that suits your downstream applications. Human-in-the-loop checkpoints further allow end-users to edit, rename, and delete documents or extracted values. And most importantly, active learning and retraining of ML models will always ensure the platform keeps improving its performance as it ages.
Quantiphi has been at the forefront of empowering insurers at every step of the way – to reduce processing time, improve operations, and achieve dramatic cost reduction in operational workflows with its AI-powered document intelligence solution Dociphi. To learn more about Dociphi’s capabilities, visit www.dociphi.com or reach out to our experts.